Daily Pivots: (S1) 135.43; (P) 135.91; (R1) 136.76; More…

GBP/JPY’s rebound from 133.03 resumes by taking out 137.00 temporary top. Intraday bias is back on the upside for retesting 142.71 high. On the downside, though, break of 135.05 will likely resume the fall from 142.71 through 133.03 to 61.8% retracement of 123.94 to 142.71 at 131.11.

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In the bigger picture, rise from 123.94 is seen only as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

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